“Mr Li will mainly be responsible for various projects in which the company is taking part, including the establishment of a stable digital currency system (focusing on mainstream international currencies),” the company said in its announcement.

Grandshores is aiming to launch the yen stablecoin by February.

Li was an English-language teacher before his career in bitcoin and blockchain start-up investment. He graduated from Changchun University with a degree in industrial enterprise accounting. His other blockchain investment vehicle is INBlockchain, which has invested in projects such as EOS.IO.

Li’s term is unspecified and he will hold office until the company’s next annual general meeting, expected in August.

The company’s other co-CEO is Wang Qian, 30, formerly a fund manager with Grey Investment in Hong Kong.